Deal funded
$6.68M Portfolio Refinance
Turning a 66-Unit New Construction Portfolio Into Long-Term Financing in Just 17 Days
Portfolio
66 Units
loan amount
$6,681,000
ltv
75%
prepay
12 Months
Most lenders turned this file away before they even started. A developer had just finished a brand-new 66-unit rental community — seventeen identical four-unit buildings delivered at once.
The challenge was entirely tied to timing. Lease-up had only recently begun, meaning the rent roll was thin, but the construction loan balloon date left no runway for a gradual stabilization process.
Conventional lenders, bound by trailing income and full-occupancy requirements, declined to proceed. They wanted to wait for "perfect numbers." We didn't.
Wait for 90% occupancy and 3 months of seasoning. Result: Borrower defaults on construction loan.
Underwrite stabilized market rents immediately. Result: Loan closes in 17 days.
Brick City Capital specializes in DSCR financing for investors who value certainty.
We processed title, insurance, appraisal review, and credit in parallel — not sequentially. Every dataset moved together toward the hard deadline. The final structure reflected the income model built at the outset: a $6.681MM DSCR refinance, sized to 75% LTV. No retrades. No surprises.
Underwrote stabilized market rents vs. partial in-place leases.
Processed title & insurance for 17 parcels in parallel.
Funded in 17 days.
Our headquarters
50 Park Place, Suite 301
Newark, NJ 07102
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